News
Black diamonds sparkling
The emergence of a black middle class in South Africa is fuelling the fastest economic growth in the country since 1984, claims recent research.
Research Surveys (RS) put the total number of black South Africans considered middle class at two million. Also, the findings suggest that the rise of these so-called 'black diamonds' is directly related to the improvement in education standards and affirmative action policies suppressed under apartheid.
Stark statistics seem to illustrate the distinct class system that is developing, as 9 per cent of black South Africans account for 43 percent of the buying power. Property sales and the increasing number of vehicle purchases are also attributed to this new affluent, influential South African class.
The report went on to predict that the segment is expected to grow by between 40 and 50 per cent in coming years. With black South Africans making up between 75 and 79 per cent of the entire population, a surge in this sub-population could further augment the strengthening domestic market and economic stability. The total spending power of all South Africans is put at ZAR6 billion, of which 'black diamonds' contribute around 21 per cent.
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12 December 2006